G50 Corp Confirms 1.3km Polymetallic Discovery, Raises $26.25 Million for US Exploration

Polymetallic Gold-Silver-Zinc Discovery Extended at Golconda

G50 Corp Limited (ASX:G50) has solidified its standing in the US critical minerals space with confirmation of a polymetallic discovery at its Golconda Project in Arizona. The June quarter drilling campaign delivered results from 13 holes (6 core, 7 RC) that confirmed mineralisation along a 1.3-kilometre strike length on the Tub Vein, extending from surface to 400 metres depth. Subsequent drilling after quarter-end pushed this strike length further to 1.8 kilometres, underscoring the project's growing scale.

The drilling program successfully met its threefold objectives: following up on previous high-grade gold and silver intercepts, expanding the known depth extent beyond 180 metres, and exploring new targets along the Tub Vein and its footwall zones, including the Green Linnet Vein. Notably, core hole GDD09 confirmed high-grade mineralisation in the Green Linnet and Good Hope veins, while several RC holes intersected mineralisation between the Oro Plata and Golden Eagle mines.

Gallium Metallurgy Shows Promise for Low-Cost Processing

Adding a strategic dimension to Golconda’s precious metals potential, metallurgical test work has validated the feasibility of producing gallium-rich concentrates using established, low-cost processing techniques. Gallium, a critical mineral essential to semiconductors and clean energy technologies, was consistently detected in alteration zones associated with precious and base metals. Recent drill holes returned significant gallium intercepts, including over 400 metres at grades around 18g/t Ga from surface.

Exploratory test work by SGS Lakefield demonstrated that simple size-based separation and flotation could double gallium grades while recovering substantial gold and silver as co-products. Gallium recoveries ranged from 63% to 87%, with gold and silver concentrates achieving 70-90% and 30-50% recoveries respectively. While these results are preliminary and do not yet establish commercial viability, they provide a compelling proof-of-concept for integrated processing of critical and precious metals at Golconda.

High-Grade Gold Intercepts at White Caps, Nevada

Meanwhile, at the White Caps Project in Nevada, G50 reported encouraging results from the first core hole of its 2026 drilling program targeting Carlin-style and intrusion-related gold mineralisation. Hole WCD26-01 intersected 13.5 metres at 7.67g/t gold and 2.38g/t silver from 305.5 metres, including a high-grade 3.93-metre interval at 23.95g/t gold. This hole lies between historic mining workings and interpreted blind intrusions identified through aeromagnetic data.

The ongoing five-hole core program, totaling over 2,200 metres, aims to build on the 2025 RC drilling that revealed significant antimony mineralisation, including a peak of 3.5% Sb. The current campaign also explores skarn and intrusion-related targets down-dip of the Carlin-style zones, broadening the project's exploration scope.

Capital Raise to Accelerate Exploration Momentum

Financially, G50 ended the quarter with $2.1 million in cash but swiftly bolstered its war chest post-quarter with firm commitments to raise approximately $26.25 million via an institutional placement priced at $0.595 per share. The placement attracted strong support from new and existing investors, including a $7.95 million commitment from Hancock Prospecting Pty Ltd, which will hold around 5.4% of the company post-completion.

The capital injection is earmarked to accelerate exploration at both the Golconda and White Caps projects, allowing G50 to maintain its drilling momentum and advance metallurgical test work. Settlement of the placement is expected in early August, positioning the company for an active exploration season ahead.

Exploration Spend and Corporate Updates

During the quarter, G50 invested $2.1 million in exploration and evaluation activities, focusing on drilling, sampling, and metallurgical studies. There were no mining production or development activities reported. The company also appointed Peter Frew as Chief Financial Officer effective April 2026, strengthening its executive team.

With a growing polymetallic footprint at Golconda, promising gold targets at White Caps, and a substantial capital raise secured, G50 is well-positioned to advance its US critical minerals and precious metals portfolio. However, the preliminary nature of metallurgical results and the need for further drilling mean investors should watch closely for upcoming assay updates and the impact of the fresh funding on exploration outcomes.